Planet Toys files bankruptcy after asbestos suits

NEW YORK, March 19 (Reuters) - Planet Toys Inc, facing a potential class action lawsuit over its "CSI" fingerprint kits, has filed a Chapter 7 bankruptcy petition in New York.

In its bankruptcy petition filed on Wednesday, New York- based Planet Toys listed assets in the range of $1 million to $10 million and liabilities in the range of $10 million to $50 million. Under Chapter 7, a bankrupt company typically liquidates and does not reorganize itself.

The nonprofit Asbestos Disease Awareness Organization had sued the company and CBS Corp (CBS.N) last year, claiming they sold toy crime-scene kits based on the hit CBS series "CSI: Crime Scene Investigation" that contained the cancer-causing substance.

Planet Toys pulled the kits from the market over the group's claims and said multiple tests had shown no traces of asbestos.

It is also facing a potential class action lawsuit over the kits. According to court papers, plaintiffs in the case have a March 30 deadline to file a motion to certify the class.

The case is In re: Planet Toys Inc, U.S. Bankruptcy Court, Southern District of New York, No. 09-11227. The suit seeking class action status is Morris v. Planet Toys, Inc et al, U.S. District Court, Southern District of New York, No. 08-00592.